According to Citi's strategy team led by Beata Manthey, on November 9, the bank downgraded U.S. equities from overweight to neutral and cut global and European technology stocks to neutral as well, citing concerns over expanding AI expenditures and rising regulatory risks. S&P 500 companies have lost approximately $3 trillion in market value amid investor concerns about AI investment scale and regulatory uncertainty.

Citi shifted its regional and sector positioning toward defensive assets, upgrading global healthcare and European food and beverage stocks to overweight, citing reduced exposure to technology volatility and potential benefits from lower oil prices.

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